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DIVERSE INTERPRETATIONS OF THE NEW YORK CONVENTION AND THE EFFECTS ON FOREIGN ARBITRAL AWARD IN NIGERIA.
(FACULTY OF LAW, KWARA STATE UNIVERSITY, 2022-04-16) KUDIRAT MAGAJI W. OWOLABI
Despite the efforts made to facilitate the enforcement of foreign arbitral award, there remain issues that complicate the enforcement proceedings, as a result of its reliance on national rules for enforcement procedure. By virtue of Article III of the New York Convention, signatories to the Convention are obliged to enforce arbitral awards in accordance with the rules of procedure of the territory where the enforcement of award is sought. While one would have difficulty arguing that there is presently a crisis in international commercial arbitration, most scholars acknowledged that there is lack of consistency in the way in which international commercial awards can be challenged and enforced due to the influence of national legislatures and courts. It is worthy to consider the way in which national legislatures and courts are presently allowed to influence the outcome of international commercial disputes. This has resorted in unforeseen barriers to the enforcement of arbitral award globally and also considered the weak link in the chain of international dispute resolution.